With advances in technology increasing at a much faster pace than most of us can comprehend, it is considerably more difficult for the financial services industry to choose a technology system that is easily implemented, user-friendly, secure and won’t be obsolete tomorrow.

And while giving the advisors the best tools available is one thing, ensuring they utilize the technology to the best of their abilities depends on the quality of the training provided. Investment Executive‘s 2006 Planners’ Report Card found the advisors who gave the highest marks to their firms’ tech platforms were often the same advisors who praised their firms’ ongoing training programs.

Mississauga, Ont.-based PFSL Investments Canada Ltd. remains the leader in the technology category for the fifth year running. PFSL reps surveyed in this year’s Report Card were enthusiastic about their software and scored the front office technology at 9.4 out of 10, up 0.4; and their back office at 9.2, up 0.1 from the previous year. They also scored their training programs at an impressive 9.5.

PFSL is about to release a new back-office system that will enable company advisors to do a wide variety of tasks, from data mining and reporting through to online trading. Another technology that will be rolled out throughout the firm is e-Apps, which will give planners access to advanced software through a virtual private server.

The new technology will put the office “in the palm of your hand,” says Jeff Dumanski, president and chief marketing officer of PFSL. There will be no limitations to the way advisors conduct business because they will be connected 24/7. “You can take applications on a hand-held device and submit them directly to the dealer,” he says.

One Ontario PFSL rep reports: “It’s pretty amazing.” Says another: “It makes my business really easy.”

Investors Group Inc. , based in Winnipeg, continues to spend on technology tools. The firm scored a respectable 8.5 for front-office and an 8.3 for back-office technology.

Simplifying the existing navigational routes has proven to enhance advisors’ daily business. Continual feedback, training and insights, so people can make the technology work for them, have been important, says Kevin Reagan, executive vice president of financial services at Investors Group.

The firm’s advisors rated its ongoing training at 8.5. Understanding and utilizing the technology seems to be working, as advisors never stray too far from their tech tools.

“I sleep with my computer,” admits an advisor in Ontario.

Burlington, Ont.-based Berkshire Investment Group Inc. rounds out the top three companies in the tech ratings, priding itself on having a stable and solid infrastructure on which to build. “Integrating new programs is easy for us to do now, because the core foundation has been built properly,” says Geoffrey Charlton, executive vice president. Advisors praised both the front- and back-office technology, raising the scores to 8.1 and 8.4, respectively.

“Without the proper technology, you’re out of business,” an Ontario advisor says. “It’s pretty important, so I’m glad we have good stuff here.”

Peak Investment Services Inc. , based in Montreal, is fourth, but on the rise in both categories compared with 2005 scores; Peak moved up 0.6 points in front-office technology to 7.8, and 0.4 points in back-office technology to a respectable 8.2. As the company grows, so does its tech spending. In the past year, Peak has employed some new systems and tweaked some existing platforms.

One advisor in Central Canada cited the worst aspect of the firm to be the “technology upgrading,” while another stated, “The software and the things we work with are very good, and that’s critical.”

Robert Frances, Peak’s president and CEO, says, “We rolled out modules that make it easier for advisors to manage.”

Meanwhile, Waterloo, Ont.-based Manulife Securities International Ltd. , is satisfied with its RPM Open platform and is not rolling out any new technology this year. Its front-office score increased by 0.1 to 7.6, while its back-office score was 7.3, a 0.5-point drop from last year.

But one Ontario advisor expressed some dissatisfaction with the firm’s technology: “It’s lacking — Manulife is trying to reinvent the wheel. Many false starts.”

Another Manulife advisor, however, looks at the big picture, saying, “There are no perfect systems.”

At Toronto-based Laurentian Financial Services, the score dropped to 7.2 on front-office technology from 7.3 last year and marginally increased on the back office to 7.6. The firm’s biggest expenditure is on continual upgrades to the back office. Laurentian is on the Univeris platform and, says regional vice president of sales and recruiting Steve Cole: “It’s going to make life that much easier for our advisors and our administrators.”

@page_break@There is a difference of opinion on that subject: while one East Coast advisor observed,”It’s an ongoing project; there is still room for improvement,” an Ontario rep said, “It’s cutting-edge, literally, compared with the rest.”

Regina-based Partners in Planning Financial Services Ltd. saw an increase of 0.3 in the firm’s front-office score to 7.0 and a 1.3-point increase on the back office (7.8). The firm has spent significant resources in the past two years in both. Even though the reps are now outfitted with three systems, they will be down to one by the end of the year.

Michael Wolfond, CEO of Partners in Planning, says the transition has been interesting: “We think the technology will be industry-leading.”

A Partners in Planning tech-savvy advisor in the Prairies comments: “We just switched over, and as soon as I got it working, it was great.”

FundEx Investments Inc. advisors rated their Markham, Ont.-based firm’s front-office technology at a low 6.3, down from 6.9 the previous year, while its back-office jumped 0.2 to an impressive 8.1.

However, the firm differs from the rest in that its advisors are critical of its technology. One Ontario advisor said: “Whatever they have, we just don’t use.” IE